Madison Square Garden Entertainment (NYSE:MSGE) Downgraded by Wall Street Zen to “Sell”

Madison Square Garden Entertainment (NYSE:MSGE) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday.

Several other research analysts also recently issued reports on the stock. The Goldman Sachs Group raised their price objective on shares of Madison Square Garden Entertainment from $36.00 to $41.00 and gave the stock a “buy” rating in a research report on Wednesday, May 7th. Susquehanna assumed coverage on shares of Madison Square Garden Entertainment in a research report on Monday, April 28th. They set a “positive” rating and a $39.00 price objective on the stock. Finally, Morgan Stanley raised their price objective on shares of Madison Square Garden Entertainment from $41.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Madison Square Garden Entertainment currently has an average rating of “Moderate Buy” and an average price target of $43.00.

Madison Square Garden Entertainment Trading Up 1.0%

NYSE MSGE opened at $36.71 on Friday. The company has a debt-to-equity ratio of 60.61, a current ratio of 0.47 and a quick ratio of 0.57. The firm’s fifty day moving average price is $38.76 and its 200 day moving average price is $35.91. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of 48.30 and a beta of 0.44. Madison Square Garden Entertainment has a 12 month low of $28.29 and a 12 month high of $44.14.

Madison Square Garden Entertainment (NYSE:MSGE) last issued its quarterly earnings data on Wednesday, August 13th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.03). Madison Square Garden Entertainment had a negative return on equity of 458.14% and a net margin of 3.97%. The business had revenue of $154.14 million for the quarter, compared to analysts’ expectations of $151.17 million. During the same period in the previous year, the business posted $1.41 earnings per share. The company’s revenue for the quarter was down 17.2% on a year-over-year basis. On average, sell-side analysts expect that Madison Square Garden Entertainment will post 1.04 earnings per share for the current fiscal year.

Institutional Trading of Madison Square Garden Entertainment

Several hedge funds and other institutional investors have recently made changes to their positions in MSGE. KBC Group NV purchased a new stake in shares of Madison Square Garden Entertainment in the first quarter valued at about $31,000. Sterling Capital Management LLC boosted its holdings in shares of Madison Square Garden Entertainment by 785.2% in the fourth quarter. Sterling Capital Management LLC now owns 1,133 shares of the company’s stock valued at $40,000 after acquiring an additional 1,005 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Madison Square Garden Entertainment in the first quarter valued at about $40,000. CWM LLC boosted its holdings in shares of Madison Square Garden Entertainment by 623.8% in the second quarter. CWM LLC now owns 1,035 shares of the company’s stock valued at $41,000 after acquiring an additional 892 shares in the last quarter. Finally, Cullen Frost Bankers Inc. boosted its holdings in shares of Madison Square Garden Entertainment by 163.0% in the second quarter. Cullen Frost Bankers Inc. now owns 1,086 shares of the company’s stock valued at $43,000 after acquiring an additional 673 shares in the last quarter. Hedge funds and other institutional investors own 96.86% of the company’s stock.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. engages in the provision of entertainment services. Its portfolio of venues includes The Garden, Radio City Music Hall, the Beacon Theatre, The Theater at Madison Square, and The Chicago Theatre. The company was founded in 1879 and is headquartered in New York, NY.